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Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

Monetary policy

Showing articles with the 'monetary policy' tag filter.
Ruffer round up Q2 22
July 2022: Investment Director Duncan MacInnes joins Rory McIvor for a review of the quarter, discussing the scale of wealth destruction across markets and how they see this rippling out into real world behaviour, and looking forward to what could be on the horizon.
Ruffer round up Q1 22
April 2022: We reflect on the events that have dominated markets - including the major developments we’re all talking about. We also discuss aspects which have received less attention, but may well be crucial for investors in the months ahead.
The perils of yesterday’s logic
Increasing inflation volatility represents the greatest challenge to investors for a generation. A new regime and the collapse of the financial market status quo requires us to reimagine portfolios. No longer can we rely on yesterday’s logic.
What tightening? You’ve never had it so easy
January 2022: Money has never been so easy. As central banks step up their efforts to tame inflation, conditions could be about to get significantly trickier for investors and their portfolios.
Easy money comes, easy money can go
May 2021: Over the past five months investors put more money into equity funds than in the previous twelve years combined. At Ruffer we believe we are entering a new regime, which will be disastrous for conventional bonds. But what will this new regime – with the global economy poised for a growth spurt – mean for equities?
Jurassic risk
The death of inflation has been greatly exaggerated. Its return will ruin the traditional balanced 60/40 portfolios. Investors need to prepare for a world of greater inflation volatility and with it the possibility that bonds and equities fall in tandem.
Remind me why you own bonds
November 2020: The future looks even more uncertain than usual. Normally uncertainty translates into lower asset prices. But not this time. And with the prices of all assets buoyed by abundant liquidity, we fear a traditional ‘diversified’ portfolio is not going to be much protection in the next market convulsion.
Investment Review
October 2020: Whatever one’s outlook, there have been times in 2020 when the markets seemed to echo one’s innermost thoughts, and times when we shout out like Falstaff, that the whole world has gone mad.
Blowing up the Box
Across many developed economies, the prevailing economic and financial policy framework – what we’ll call the Box – is failing to deliver for much of the adult population. The mood is ripe for a policy revolution, a new monetary settlement. When the Box is blown up, inflation objectives will lose their privileged position. Fiscal orthodoxy will be abandoned. This will demolish the pillars on which so many investment strategies are built.
Investment Review
June 2020: This review touches briefly on what has gone before, then sets out what we expect for the coming months and years.
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET